Japan's average gasoline price sees record high in 7 years

0 Comment(s)Print E-mail Xinhua, October 13, 2021
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TOKYO, Oct. 13 (Xinhua) -- Japan's average retail gasoline price rose to its highest level in seven years earlier this week, reflecting a recent global surge in crude oil prices, the Ministry of Economy, Trade and Industry said Wednesday.

According to the ministry, the average price of regular gasoline rose to 162.10 yen (1.4 U.S. dollars) per liter as of Monday, up 2.10 yen compared with Oct. 4, hitting the highest level since October 2014.

The advancing crude oil prices came from the speculation that demand for crude oil will increase as the COVID-19 infection cases declined across the world and thus the economy began to recover, but their growth can result in a rise in raw material costs which will squeeze business profits.

The increase in regular gas prices is projected to hit Japan's household expenditure as it is speculated that domestic travel will rise after the latest COVID-19 state of emergency expired on Oct. 1.

Household spending may also be hurt by the uptrend of the average gas price, which on Monday stood at 1,814 yen per tank, or 18 liters, gaining for the sixth straight week, as heating demand goes higher during the winter months.

Gasoline prices are expected to continue to rise next week, and crude oil prices are forecast to stay high and cause influence on retail prices, according to the Oil Information Center.

Concerns over rising inflation have risen amid the surge in crude oil prices in the past few weeks. (1 U.S. dollar equals 113.57 yen) Enditem

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